CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$ 691,448	$ 450,473
Adjustments to net income:
Depreciation and amortization	1,274,952	1,256,784
Amortization of share-based compensation	20,651	14,009
Non-cash revenue adjustments	(48,283)	(52,425)
Amortization of deferred financing costs	17,945	13,082
Foreign currency and unrealized derivative gain, net	(34,223)	(46,060)
Non-cash interest rate swaps	(3,097)	1,606
Payment-in-kind interest	(6,491)	0
Gain on sales of real estate	(73,902)	(61,103)
Equity in earnings of unconsolidated entities	(4,873)	(7,626)
Distributions on common equity from unconsolidated entities	11,833	21,689
Provisions for impairment of real estate	144,350	239,673
Provisions for credit losses on loans and financing receivables	46,361	20,279
Deferred income tax expense	1,718	309
Change in assets and liabilities
Accounts receivable and other assets	(124,270)	(57,102)
Accounts payable, accrued expenses and other liabilities	90,752	52,899
Net cash provided by operating activities	2,019,585	1,848,185
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in real estate	(3,549,763)	(2,214,524)
Improvements to real estate, including leasing costs	(83,506)	(49,176)
Investment in unconsolidated entities	(97,366)	(9,819)
Investment in loans and preferred equity	(1,660,249)	(423,157)
Proceeds from sales of real estate	348,634	209,414
Proceeds from note receivable	17,656	14,802
Insurance proceeds received	845	2,079
Non-refundable escrow deposits	(3,621)	0
Net cash used in investing activities	(5,027,370)	(2,470,381)
CASH FLOWS FROM FINANCING ACTIVITIES
Cash distributions to common stockholders	(1,514,811)	(1,439,274)
Borrowings on revolving credit facilities and commercial paper programs	43,382,744	10,628,935
Payments on revolving credit facilities and commercial paper programs	(42,616,939)	(10,464,748)
Proceeds from term loan	1,073,900	0
Principal payment on term loan	0	(500,000)
Proceeds from notes payable issued	1,662,500	2,091,750
Principal payment on notes payable	(1,424,997)	(500,000)
Principal payments on mortgages payable	(858)	(43,788)
Repurchases of common stock	(101,915)	0
Proceeds from common stock offerings, net	824,136	1,247,019
Proceeds from dividend reinvestment and stock purchase plan	6,145	5,917
Distributions to noncontrolling interests	(17,750)	(5,976)
Contributions from noncontrolling interests, net of costs	1,875,349	0
Debt issuance costs	(44,957)	(64,882)
Other financing activities, net	5,403	(9,507)
Net cash provided by financing activities	3,107,950	945,446
Effect of exchange rate changes on cash and cash equivalents	(5,559)	22,980
Net increase in cash, cash equivalents and restricted cash	94,606	346,230
Cash, cash equivalents and restricted cash, beginning of period	520,756	495,506
Cash, cash equivalents and restricted cash, end of period	615,362	841,736
Mortgages Payable
Adjustments to net income:
Amortization of net discounts on payables	151	137
Notes Payable
Adjustments to net income:
Amortization of net discounts on payables	$ 14,563	$ 1,561